The Economist: Finance and economics articles summarised (20th March 2020)

The cash crisis
Operating expenses (opex) like wages and rent for all of the non-bank S&P500 companies in 2019 was $2.6trn. They have $1.7trn in cash and liquid securities. This is unevenly distributed between them: Apple could last for six years but Edison International, only a week, see left-hand chart 1. They get cash by selling investments, equities sold off, see right hand chart 1, as did Treasuries eventually. This can only . . .

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